Kent Reliance has revealed a new 2 year discounted and 2 year fixed rate range, which is now available up to 65% loan to value (LTV) for a maximum loan size of £3 million. Rates now start from 3.59% with a 1.5% fee.
The new range is especially suitable for borrowers wanting to purchase or raise finance for Homes of Multiple Occupancy (HMOs), student lets or those in need of finance for buy to lets via a limited company.
The lender’s low loan to value range is particularly useful for those managing portfolios through limited companies – as many landlords have decided to do so ahead of the upcoming tax changes heading for the buy to let market next year.
TSB has also made alterations to its buy to let range and will now be offering cashback across all buy to let products. The £250 cashback offer will be available upon completion of the mortgage, for 2, 3 and 5 year fixed terms, as well as 2-year tracker rates.
In line with this, the lender also applied cuts to a selection of buy to let rates, with 2 year fixed rates now available with a 0.25% reduction to a rate of 2.34% with a £1,995 product fee.
5 year fixed rates were also reduced by the same amount, now starting at 2.34% with a £1,995 product fee, or 3.14% for a 5 year fixed term.
If that wasn’t all, TSB also recently announced it would be increasing its buy to let interest coverage ratio, from 125% to 145%.
This means for deals up to 65% LTV, a charge of 145% of the 5% or pay rate (whichever is highest) will apply. Mortgages up to 75% LTV will require a 145% of 5.5% or pay-rate charge.
These changes also apply to residential mortgage affordability if the borrower also has a buy to let loan.